Oil Prices Surge Above $90 Amid Supply Concerns and Global Demand

Oil prices climbed above $90 per barrel on July 7, 2026, driven by tightening supply and growing global demand. Brent crude rose 2.5% to $91.20, marking the highest level since early June, according to Reuters. The surge follows reports of reduced output from key OPEC+ members and ongoing geopolitical tensions in the Middle East. Meanwhile, demand forecasts for the second half of 2026 have been revised upward by the International Energy Agency, citing stronger economic activity in Asia and Europe. The rise in oil prices is also impacting other commodities, with natural gas and metals seeing moderate gains amid inflation concerns. Analysts warn that sustained high oil prices could pressure global inflation and energy costs in coming months.